house Bill H.R. 540

Should the President be Required to Publicly Disclose His Tax Return?

Argument in favor

Requiring the disclosure of a president’s federal income tax return would make the public aware of any conflict of interest and encourage presidents to divest themselves of anything that may create a conflict.

We need a much more transparent government. Corruption has gone too far

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Argument opposed

It’s wrong for Congress to require any individual to publicly disclose their tax return, even if they are the president or their spouse. Moreover, this is a partisan bill that the sponsor didn’t care to introduce during the current administration.

I am 110% behind holding this president accountable and rooting out all potential conflicts of interest. However, I would actually focus energy on pushing the Resolution of Inquiry rather than this law. The ROI will result in disclosures of conflicts of interest evident both within and outside of the tax return, and I feel it's less heavy handed, controversial and partisan-feeling than passing a new law that retroactively affects this president.

Trump has already release his tax forms. This is a ridiculous bill made up by liberals. And if you think the attorney general, that trump just swore in, is going to fine Trump $50,000 you're lost in the head.

Bill Data

What is House Bill H.R. 540?

This bill would require the president to publicly disclose their federal income tax return and all related attachments by making it available on the internet at providing the returns to relevant congressional committees. If a president fails to provide the required tax information or falsifies it, the Attorney General would be able to bring a civil action against them with penalty of up to $50,000. When a new president takes office, they would be required to submit their prior year’s federal income tax return within 90 days.

Certain redactions would be allowed, including the president’s Social Security number, taxpayer identification number, account numbers, and the name of any dependents of the president. If a president’s spouse files a joint return or a separate return, it would be subject to this legislation’s requirements.

Impact

Presidents and their spouses; Congress; and the Attorney General.

Cost of House Bill H.R. 540

A CBO cost estimate is unavailable.

More Information

In-Depth: Sponsoring Rep. David Cicilline (D-CT) introduced this bill to require President Donald Trump to release his tax returns and ensure that all future presidents to follow suit:

“Like many Americans, I am deeply concerned about what information President-elect Trump might be hiding in his tax returns... Americans should always have full confidence that the President is acting in our national interest, but President-elect Trump continues to undermine this confidence. This bill is a necessary tool to hold the President of the United States accountable and ensure he adheres to the highest ethical standards at all times."

This legislation has the support of 20 cosponsors in the House, all of whom are Democrats.

I am still in shock that we have an American president who might be beholden to foreign entities and banks to the tune of hundreds of millions of dollars. How is this acceptable? How can we ever be sure he or any other president is acting in the best interests of our country if we don't know how they manage their finances and who has potential influence over the critical decisions he or she makes? I implore my senators and representative to ensure that this travesty is never repeated. The future of our democracy relies on transparency and full disclosure. Without it, how can the public ever trust our elected officials?

He made Romney show his tax returns. He made President Obama release his birth certificate just to shut him up, why should Trump think he is different than others? A bill should be passed requiring any presidential candidate to release at least 5 years of tax statements and while in office should release his tax statements yearly.

Yes, how is this even a question?? It would be good to have a legal means to require this kind of disclosure now that we've learned the hard way that "tradition" doesn't hold much sway. However, I can't imagine just a small fine is going to be very threatening to the people this will be aimed at.

I am 110% behind holding this president accountable and rooting out all potential conflicts of interest. However, I would actually focus energy on pushing the Resolution of Inquiry rather than this law. The ROI will result in disclosures of conflicts of interest evident both within and outside of the tax return, and I feel it's less heavy handed, controversial and partisan-feeling than passing a new law that retroactively affects this president.

Trump has already release his tax forms. This is a ridiculous bill made up by liberals. And if you think the attorney general, that trump just swore in, is going to fine Trump $50,000 you're lost in the head.

Donald Trump has provided the perfect example as to why this is necessary. Without his tax returns we are unable to determine what businesses he has and any possible financial entanglements he is involved with. Given the emoluments clause, we are unsure if he violates the Constitution. We are unable to know if he has conflicts of interest and is able to personally profit from his position as president.

Any presidential NOMINEE should be REQUIRED as part of VETTING to disclose their taxes! How would we know if we are letting a wolf into the hen house. How is it that it wasn't required by Trump when he said no? Why was he allowed to make that final decision? Because it a Republican controlled congress and that is an unacceptable reason!!! Now we have an unfit man playing President and he very probably has many previous dealings with Russia. We have given him access and authority to turning America upside down and he has even appointed a person more dangerous than himself as NSC!!! To undo this mess and restore credibility to the world we now have to go through legal processes!!! Trump MUST BE REQUIRED TO SHOW HIS TAXES NOW. Not next week, next month...next year NOW. There is a money trail of corruption! He will continue to devide this nation, drag us into war or bankrupt our country. GOP needs to act to get him out the longer it takes the more culpable they become!!